Press release
Air Powered Vehicle Market Size, Share, Growth, Trends, Demand, Outlook by 2031
The vehicle uses nitrogen gas compressed by energy harvested from braking or deceleration to power a hydraulic drive, which supplements power from its conventional gasoline engine. The concept of air hybrid was first unveiled at the 2013, Geneva Motor Show.
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Expansion of Global Air Powered Vehicle Market
The extent and effectiveness of government initiatives to stimulate the economy would have a strong impact on the nation's GDP. Stimulus programs for the airline, automotive, construction, and infrastructure sectors would have a significant impact on both GDP growth and oil demand. Furthermore, the pandemic has turned the focus of automakers to look for an alternative fuel. Moreover, this focus is estimated to propel the market for air powered vehicle. Furthermore, the adoption of cleaner technologies due to rising awareness about environmental resurgence during the pandemic is projected to fuel the sale of air powered vehicles.
In terms of energy mode, the global air powered vehicle market has been bifurcated into single energy mode and dual energy mode segment. The demand for emission-free vehicles is higher in urban cities and developing towns. The single energy mode air powered vehicle employs only compressed air as a power source. The segment is projected to hold a prominent share of the market during the forecast period.
In terms of vehicle type, the passenger vehicle segment dominated the global air powered vehicle market, in terms of value, in 2020. This can be attributed to the rising living standards and increasing disposable incomes. Additionally, the growing awareness among the population about the dangerous hazards posed by vehicles running on conventional fuels for both the environment and human health is leading to the increased adoption of air powered passenger cars.
Furthermore, these air powered vehicles are cost-effective, as they run on compressed air and do not require high-cost fuels such as petroleum. Additionally, the production cost of air powered vehicle is low, as it does not require cooling systems or starter motors. These factors are estimated to fuel the market.
Low speed of air powered vehicle coupled with limited infrastructure for refueling is a major factor that is likely to hinder the air powered vehicle market during the forecast period. However, high cost of air compressed vehicles could prove to be a major restrain to the market.
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Regional Analysis of Air Powered Vehicle Market
Based on region, the global air powered vehicle market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is projected to account for a significant share of the global air powered vehicle market due to the significantly high production of automobiles and vehicular parts in the region. Rising awareness about emission caused from vehicles and increasing adoption of emission-free vehicles are prime factors that are likely to augment the air powered vehicle market during the forecast period.
Furthermore, presence of prominent OEMs and auto manufacturers in the region is projected to propel the air powered vehicle market in the region. Additionally, stringent government regulations to curb environmental pollution are estimated to further boost the market in the next few years.
Air Powered Vehicle Market Players
Prominent players operating in the global air powered vehicle market include Engineair Pty. Ltd., Honda Motor Co. Ltd., Phinergy, Peugeot S.A, Tata Motors, Matrix Comsec, Motor Development International SA, Magnetic Air Car, Inc., and Groupe PSA.
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